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近两年我国企业资产证券化发展势头迅猛,需关注其中的风险,特别是基础资产现金流的稳定性问题。2005年,人民银行和证监会联合发布《信贷资产证券化试点管理办法》,标志着我国市场上正式迎来了资产证券化。在历经一段波折后,2014年,国内的资产证券化进入高速发展期,并逐步形成信贷资产证券化、企业资产证券化、资产支持票据和资产支持计划四个序列。笔者认为,资产证券化的发展有助于优化企业流动性及财务状况,并对金融市场的完善具有重要意义。经过十余年的发展,当前我国资产证券化呈现以下特点:第一,市场迅速扩大,企业资产证券化增长相对较快。2015年和2016
In the past two years, the development of asset securitization in our country has been developing rapidly. We must pay attention to the risks involved, especially the stability of the cash flows of the underlying assets. In 2005, the People’s Bank of China and the China Securities Regulatory Commission jointly released the Measures for the Pilot Management of Credit Assets Securitization, marking the formal acceptance of asset securitization on the Chinese market. After some twists and turns, in 2014, domestic asset securitization entered a period of rapid development and gradually formed four sequences of securitization of credit assets, securitization of enterprise assets, asset-backed bills and asset-backed plans. The author believes that the development of asset securitization will help to optimize the liquidity and financial status of enterprises, and improve the financial market is of great significance. After more than ten years of development, asset securitization in our country shows the following characteristics: First, the market expands rapidly and the growth of asset securitization of enterprises is relatively fast. 2015 and 2016